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Market:	ASX
Sector:	Banks
EPIC:	MQG
Latest Price:	25.90 (-0.77% )
52-week High:	41.10
52-week Low:	20.03
Market Cap:	9,020.58M

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Macquarie Group

Macquarie Group provides specialist investment advisory and financial services in select markets around the world.

Macquarie Group profit to halve in 2009

Thursday, February 05, 2009 by Proactive Investors

Macquarie Group (ASX:MQG) has announced today it estimated fiscal 2009 profit would fall to $900 million after taking write-downs in the second half. This is down sharply on the $1.8 billion profit last year.

Analysts had previously anticipated Macquarie's fiscal 2009 profit to come in around $1.2 billion.

In its regular third quarter update to investors Macquarie said the downturn in global markets is likely to cause operating revenue to fall 15%. However its said it had been able to strengthen its balance sheet in recent months raising some $21 billion in new fundings.

The investment bank said it would accrue additional write-downs and impairment charges of $900 million in the second half of the year ending March 30.

This adds to the $1.1 billion of write-downs and charges it booked in the first half. Macquarie said full-year operating income, before impairments, will be down 15 per cent.

Macquarie Grouo Chief executive Nicholas Moore said global financial markets remain “exceptionally” challenging. "The fundamental business is sound and Macquarie continues to deliver the highest quality service to clients and expects to attract new clients in these challenging markets,'' he said.

"Despite a scarcity of capital in the world, we continue to support our clients capital needs and provide opportunities and products which are of value to them.''

Macquarie has cash and liquid assets of $32.1 billion.

Macquarie has cut its staffing level to 12,851 as of the end of January, from 13,898 at the end of September, a 7.5 per cent reduction.

Macquarie was trading at $22.87.

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